Quoted: Marc Andreessen disses Warren Buffett, backs bitcoin

“Track record of old white men who don’t understand tech crapping on tech they don’t understand is still at 100 percent.”

Venture capitalist Marc Andreessen, dismissing 83-year-old billionaire Warren Buffett’s skepticism of bitcoin. Buffett last week warned investors away from bitcoin, calling it a “mirage.” Andreessen, speaking Tuesday at the Coin Summit conference in San Francisco, said he’s undeterred by bitcoins’ recent volatility. “It’s as bulletproof as anything I have ever seen,” he said, according to the Merc’s Heather Somerville. Andreessen and his firm, Andreessen Howoritz, have invested about $50 million in bitcoin-related ventures, and he plans on investing “hundreds of millions” more. “I think the relevant comparison point for bitcoin is 1993 or 1994 for the consumer Internet,” Andreessen said Tuesday, according to Tech Crunch. “It arrived with fringe politics and fringe characteristics. But you just have to go through a maturation process, and along the way, the fringe characters can get alienated.”

 

At top: 2012 file photo of Marc Andreessen by Dai Sugano/Staff

Mike Murphy Mike Murphy (359 Posts)

Mike Murphy is a web producer at the Mercury News, and also writes for Good Morning Silicon Valley and 60-Second Business Break.